Tuesday, 16 December 2014

KUALA LUMPUR (Dec 16): BIMB Securities Research has maintained its “Buy”
rating on Dayang Enterprise Holdings Bhd at RM2.36 with a higher target price
of RM3.37 (from RM3.14) after Dayang’s subsidiary, Dayang Enterprise SB has
been awarded a contract by Petronas Carigali SB for the provision of brownfield
major modification work for Bardegg-2 and Baronia Enhanced Oil Recovery (EOR)
development project.

In a note Tuesday, the research house said with this, it had revised its
available FY15/16 forecast higher by 7% respectively.

BIMB Securities said inclusive of this contract, Dayang’s current
outstanding orderbook would stand at circa RM4.5 billion, with the HUC
contracts portion to provide earnings visibility until 2018.

“Maintain a Buy call with a revised target price of RM3.37 from RM3.14
previously based on higher FY15 EPS of 30.6sen on PER of 11x,” it said.